A Charlottesville/Albemarle Area RE Blog tracking the market's Boom Bubble Bust Bounce, from 2008 to 2013. The second half of 2010 saw a steep downward spiral in sales; 2011 saw sales volume at 13 yr lo with prices dropping each Quarter. 2012 began with even lower prices which resulted in an uptick in Y/Y sales, and mid-2012 saw "Carpe Diem" trumping "Caveat Emptor." 2013: Booming. Are we a "Protected Market" once again? Time will tell.
* Check out the microblogging on Twitter: @CvilleBubble *

Friday, May 30, 2008

606 Lexington Avenue - $329,000.00

MLS #4536063 Bedrooms, 2 BathYear Built: 1920Sq. Ft.: 1438Acre: .17

We love the North Downtown area, always have, always will (it will never be the laughingstock that our old love, Belmont, has become), but come on: let's be realistic here, too, with the house prices.

The listing reads, "Rare offering on Lexington Avenue in wonderful neighborhood of renovated homes. Charming home has been in the Craft family for many years--now ready for a new owner with vision."

"Renovated Houses" - There are several nicely done houses nearby, but there are also several shacks that haven't been touched, including the one that shares this house's garage.

"...has been in the Craft family for many years" - Means the place has been in stasis for decades.

"...new owner with vision"- Means prepare to sink $100-$200K into the place.

As if this isn't enough: from the back yard you can see the Martha Jefferson Hospital Parking lot. It's a nicely landscaped parking lot. But for how much longer will it be merely a partking lot? Martha Jeff is moving to Pantops in 2010. No one knows what will happen to the property. Construction? College Dorm? Corporation?

Like 935 Belmont, the asking on this property should be $199,000.00. In our humble opinion.

Va. Housing Development Authority market data for the local Realtors Assn. indicates rising foreclosures, declining prices, then "correction" at least 12 months away.Comparisons: See Current Median Home Prices in Cville, Alb, other parts of VA, and 20 other markets.

Home prices likely lower in 2011, in 85% of the United States' 381 metropolitan areas - PMI Group. Includes graphs.VP Biden - We "Misread the Economy" - VideoThe number of foreclosures keeps rising because mortgageholders can't afford the modifications. Read the data.

Halsey Minor, King of The Tyvek Tower, is being sued not just by contractors, but by the funding bank. TheLandmark Mess continues. City claims it will not bail out the blight on the landscape and a real contrast to the $7.5 million in bricks at the base of the steel girders.